The Hedera ecosystem is set to undergo improvement and expansion through a fresh allocation of 10.7 billion HBAR, which is equivalent to $4.5 billion and represents 20% of the token’s total supply.
HBAR is Hedera Hashgraph’s native token.
The Hedera Governing Council said that this expansion is aimed to better position itself in the highly competitive blockchain industry, where new players with innovative offerings are fast growing.
The value of the 10.7 billion HBAR has actually more than doubled since the Council approved the allocation last July 14. It was only worth $2 billion when it was approved.
The Council also announced that half of the approved funds were already allocated to its recently established HBAR Foundation. This independent organization is tasked to budget and distribute the remaining funds.
According to the Council, the remaining fund is currently held in Hedera treasury accounts and will be allocated to partnerships and initiatives that would improve Hedera’s overall ecosystem.
The newly established HBAR Foundation will oversee the administration and development of the Hedera ecosystem by providing grants to developers, startups, and other organizations. It aims to expand the network across highly important products such as NFTs, CBDCs, iGaming, and DeFi.
Shayne Higdon, a serial blockchain executive with an impressive track record in venture capital and private equity ventures, will head the HBAR Foundation.
“Our mission is to fund a future when entrepreneurs form digitally-native economies and ecosystems, controlling their own assets, identities, data, marketplaces, and more,” Higdon said.
He added that he is excited to work with the HBAR team as Hedera is currently the world’s most used public ledger. Higdon hopes that his expertise could provide significant contributions to the Foundation.
The Hedera Governing Council is set to announce further developments in its new goal of improving its ecosystem.
Image courtesy of Cointelegraph News/YouTube